Shipping investment firm Bruton has announced that a letter of intent (LOI) has been agreed between Chinese shipbuilder New Times Shipbuilding (NTS) and Andes Tankers III, which is set to become a subsidiary of Bruton. The LOI covers an order for two new scrubber-fitted very large crude carriers (VLCC).
The agreement also includes options for two additional VLCCs at the same price, subject to Andes Tankers III declaring the options before December 31, 2025. The vessels are described as repeat orders of previous newbuildings placed by the company at NTS and carry the option to be converted to LNG dual-fuel ready ships.
The two firm vessels are scheduled for delivery between the fourth quarter of 2028 and the second quarter of 2029. The optional vessels, if declared, are scheduled for delivery between the third and fourth quarters of 2029.
The company noted that the LOI remains subject to certain customary conditions, including the conclusion of the formal newbuilding contracts and associated documentation.
